Expectations for corn reach record highCorn production is forecast 80 million bushels higher than last month at a record 13.8 billion bushels.
By: USDA, USDA
WASHINGTON — Corn production is forecast 80 million bushels higher than last month at a record 13.8 billion bushels. The national average corn yield is forecast at 155.3 bushels per acre, up 0.9 bushels from last month. Higher yields for the Central Plains and across the South more than offset yield reductions for Iowa and North Dakota.
Sorghum production is forecast 37 million bushels higher, with the national average yield raised 6.1 bushels per acre, mostly with higher yields and production for Kansas and Texas. Corn supplies for 2013 to ’14 are projected 18 million bushels higher as a result of increased production; however, projected imports are reduced 5 million bushels and beginning stocks are down 58 million bushels on lower imports and higher use projections for 2012 to ’13. Projected corn use for 2013 to ’14 is unchanged. Ending stocks for 2013 to ’14 are projected 18 million bushels higher.
The projected season-average farm price for corn is 10 cents lower at both ends of the range to $4.40 to $5.20 per bushel.
Total corn use for 2012 to ’13 is projected 55 million bushels higher. Corn used in the production of ethanol is 15 million bushels higher based on stronger-than-expected August ethanol production as indicated by weekly ethanol production data from the Energy Information Administration. Partly offsetting is a 5-million-bushel reduction in corn used for sweeteners.
Corn exports are 20 million bushels higher based on the latest information from the U.S. Bureau of Census and August grain inspections. Projected feed and residual use is 25 million bushels higher reflecting the limited amount of new-crop corn available for use before Sept. 1 because of delayed 2013 crop maturity.
The 2012 to ’13 season-average farm price for corn is 5 cents per bushel lower than the midpoint of last month’s projected range, with the lower prices reported for July and August. At $6.90 per bushel, the 2012 to ’13 price remains a record and well above the previous record of $6.22 per bushel in 2011 to ’12.
Projected U.S. wheat supplies for 2013 to ’14 are 10 million bushels higher, with higher expected imports from a larger wheat crop in Canada.